GREENWICH, Conn., Nov. 13 /PRNewswire-FirstCall/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the 'Company') announced today a net loss of $588,000 or $0.01 per share and $3,336,000 or $0.07 per share for the third quarter and nine months ended September 30, 2007, respectively.

For the third quarter and nine months ended September 30, 2006, the Company recorded a net loss of $1,964,000 or $0.04 per share and $5,633,000 or $0.12 per share respectively.

A more complete discussion of the Company's affairs is included in AmBase Corporation's Annual Report on Form 10-Q for the quarterly period September 30, 2007, filed with the Securities and Exchange Commission.

                              AmBase Corporation
                               Summary Results
                    (in thousands, except per share data)

                                             Third Quarter       Nine Months
                                             2007     2006      2007     2006
    Revenue                                    $-       $2        $-      $92
    Operating expenses                        858    1,724     4,699    6,366
    Operating loss                           (858)  (1,722)   (4,699)  (6,274)
    Interest income                           244      491     1,103    1,368
    Realized gains (losses) on sales
     of investment securities available
     for sale                                  26        -       310        -
    Other expense, claims settlement            -   (1,100)        -   (1,100)
    Other income, insurance recovery            -      400         -      400
    Other income                                -        -         -       72
    Loss before income taxes                 (588)  (1,931)   (3,286)  (5,534)
    Income tax expense                          -      (33)      (50)     (99)
    Net loss                                $(588) $(1,964)  $(3,336) $(5,633)

    Net loss per common share:
    Basic                                  $(0.01)  $(0.04)   $(0.07)  $(0.12)
    Assuming dilution                      $(0.01)  $(0.04)   $(0.07)  $(0.12)

    Weighted average common shares
     outstanding:
    Basic                                  44,703   45,168    44,845   45,419
    Assuming dilution                      44,703   45,168    44,845   45,419

SOURCE AmBase Corporation

Source: PR Newswire (November 13, 2007 - 3:59 PM EST)

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